Projects A CAGR Of 6.9 Percent Over the Next Five Years

According to a new report "Avionics Market by Sub-System (CNS, FCS, FMS, IFE, Monitoring/ Glass Cockpit System, Military & Tactical System, Electrical & Emergency System), Fit (Line-Fit, Retrofit), Platform (Commercial, Defense, UAV) and Region - Global Forecast to 2022" published by ASDReports, the Avionics Market is projected to grow from $62.22 billion in 2016 to $92.85 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 6.9 percent during the forecast period.

The increasing number of aircraft deliveries, rise in military aircraft spending by emerging economies, growing trend of modernization of airspace, and growth of the general aviation avionics retrofit market are the major factors expected to drive the growth of the avionics market. In the coming years, the avionics market is expected to witness various technological developments in communication, navigation & surveillance systems; flight control & management systems; mission/tactical systems; and electrical & emergency systems. Advancements are expected in avionics subsystems such as the enhanced vision system (EVS), automatic dependent surveillance-broadcast (ADS-B), and automated flight control, and attitude heading reference system (AHRS).

Based on subsystem, the flight control & management system segment of the avionics market is projected to witness the highest growth during the forecast period. The aircraft flight control systems can be classified into mechanical, hydro-mechanical, fly-by-wire, and fly-by-light. The current generation aircraft utilize the fly-by-wire (FBW) control systems which have helped significantly reduce the weight of aircraft and its maintenance costs. Flight management system (FMS) is one of the most fundamental components of an aircraft because it serves as the primary interface for the pilot and enables flight planning operations.

The retrofit segment is projected to witness the highest growth during the forecast period
Based on fit, the retrofit segment is projected to witness the highest growth during the forecast period. The growth in the retrofit segment is influenced by the increase in the retrofit of business and general aviation avionics.

Asia-Pacific is projected to be the fastest-growing market for avionics during the forecast period. This growth can be attributed to the high air passenger traffic leading to an increase in the number of aircraft deliveries in this region.

Key players operating in the avionics market are Honeywell International Inc. (U.S.), Rockwell Collins, Inc. (U.S.), Esterline Technologies Corporation (U.S.), Astronics Corporation (U.S.), L-3 Communications Holding Inc. (U.S.), Genesys Aerosystems (U.S.), Aspen Avionics (U.S.), Avidyne Corporation (U.S.), and Garmin Ltd. (Switzerland). 

(Source: ASDReports. Images from file)

FMI: www.asdreports.com/market-research-report-361932/